NEW DELHI (INDIA): A Supreme Court of India (SCI)-ordered auction process has begun for the embattled Sahara group’s luxurious Aamby Valley resort town, with the official liquidator inviting bids at a reserve price of Rs 37,392 crore.
The auction process has been initiated even after a Mauritius-based investor, Royale Partners Investment Fund, said last week that it has offered to invest $1.67 billion (over Rs 10,700 crore) in the project.
The official liquidator of the Bombay High Court published an auction notice on Monday, inviting prospective bidders for the integrated hill city township spread over 6,762 acre near Lonavala in Pune district, as also two land parcels measuring over 1,700 acre. The Sahara group had earlier pegged the market valuation of this project at over Rs 1 lakh crore.
Last week, the Supreme Court had said the auction process can start on August 14, as scheduled. However, it also said it would deliberate upon the group’s plea — seeking 18 more months for making complete repayment — if deposited Rs 1,500 crore into the Sebi-Sahara refund account by September 7, as promised. The group had asked the court to postpone the auction till September 16 to enable Sahara group chief Subrata Roy arrange the money. Monday’s auction notice said the prospective bidders need to submit KYC forms and, on qualification, they would have to invite bids along with 15 per cent of the reserve price as earnest money.
The liquidator said the properties would be sold under two distinct phases over a period of two days, as an alternate to each other, “given the quantum of the properties to be sold”.
About the resort town, the liquidator said: “The ultra-exclusive chartered city has residential options ranging from the Timber Chalets to fabulously modern and customised villas in distinct architectural styles and several amenities such as golf course, airport, hospital, adventure sports, retail, entertainment, international school and hospitality.”
It also said the properties being auctioned would be sold/leased along with all subsisting licences, consents, registrations, approvals, grants and pending applications (as applicable) as per the Supreme Court order of July 25, 2017.
Sahara had moved an application before the Supreme Court seeking permission for entering into an agreement with Victor Koenig UK Limited, with the nominee Royale Partners Investment Fund Limited, for inviting an investment of $1.67 billion into its Aamby Valley project. In reply to an emailed query by PTI, RPMG Investment, which owns this fund, had also confirmed the proposed funding.
Sahara lawyers had told the court that money from the sale of its hotels in New York would soon come into the Sahara account, after which Rs 1,500 crore would be deposited in the Sahara-Sebi account by September 7.
Sahara has been engaged in a long-running battle with capital market regulator Securities and Exchange Board of India.
Sahara counsel Gautam Awasthi said last week that the Supreme Court, in its last hearing, opened a window for the group by permitting them to enter into the negotiations and deposit the amount. Awasthi had said if Rs 1,500 crore is deposited, then auction order would be withdrawn.
Source: Press Trust of India